The approvals for multi residential, commercial and mixed used properties take much longer than a residential property.
The process starts with a Letter of Interest (LOI) from the lender, which take 2-3 days for the lender to issue once the lender reviews the 2 years financial statements for the property and the application.
An LOI states the loan terms the lender is offering as well as all conditions that need to be fulfilled to get formal approval such as appraisal and confirmation of key information (income, credit, property financials and net worth) through the related support documents.
It takes about another 3-4 weeks for the lender to complete the deal diligence and formally approve the deal.
Once a formal approval is issued, that is when you can typically waive your financing conditions.
It will take another 2-3 weeks from the point of approval to close the deal. Some larger deals, will take longer to approve and close but generally speaking: factor 4 weeks for the financing condition and another 4 weeks to close